Mike Tidwell comments -Some companies have gotten religion. The magnitude of climate change is so great that our money may not be any good in the future.
Climate change took centre stage at the World Economic Forum. A poll indicated that participants regard climate change as the greatest global impact. Zurich Financial Services, Switzerland, said “Our job is to help people deal with the effects of climate change and to look at the risks on a global basis. The Forum ended with the establishment of the Climate Disclosure Standing Board (CDSB), an international partnership of seven organisations to establish a framework for climate reporting by corporations. Members have agreed to align their requests for information from companies to ensure that they report in a way that facilitates analysis by investors, managers and public. The formation of the CDSB was welcomed by CEOs and founding members. A study showed that 31%t of CEOs are not concerned about climate change while 28% are not very concerned and 14% are extremely concerned, 26% are somewhat concerned. Lehman Brothers said that there will be a move towards long-term sustainability. Some of the largest US corporations urged US President Bush and Congress to act swiftly to tackle global warming. Many argue that CEOs’ enthusiasm does not solve the problem. BP said that the reality is that you have to take action in the next 10 years. The company claimed that $200 million spent on energy efficiency could yield savings worth 10 times as much. BP is planning an $8-billion investment over the next decade in clean technologies. Siemens spent $7.4 billion last year in research and development, partly for environmentally-friendly technologies. It’s necessary for companies to regulate consumption or use better technology to mitigate gas emissions because there isn’t much time left. The effects of carbon emissions is not yet fully understood, but the likely rise in temperatures could destabilising economies and societies.